Banks sure have been in the news a lot, and it has not been good news. The bad news has translated into losses in the market value of banks. Deutche Bank is a case in point. It has lost 95% of its value over the last few years.
Recently, JPMorgan Chase & Co. admitted wrongdoing and agreed to pay more than $920 million to resolve U.S. Charges of market manipulation involve two of the bank’s trading desks. This is the largest sanction ever tied to the illegal practice known as spoofing.
What is spoofing? “Spoofing typically involves flooding derivatives markets with orders that traders don’t intend to execute to trick others into moving prices in a desired direction. The practice has become a focus for prosecutors and regulators in recent years after lawmakers specifically prohibited it in 2010. While submitting and canceling orders isn’t illegal, it is unlawful as part of a strategy intended to dupe other traders.”
Read More about this story–what is being called a Crime Ring. https://www.bloomberg.com/news/articles/2020-09-29/jpmorgan-pays-920-million-admits-misconduct-in-spoofing-probe
Banks Caught Money Laundering
Now there’s more massive news about a leak on the $2 trillion dollar scandal in the banking sector. Basically global banks have been money laundering for criminals. Watch the video to find out more.
While the bad news about banks is going to increase, the good news about bank alternatives is going to increase as well.
The bad news about banks is helping people to wake up to alternatives such as Bitcoin and new ways to earn interest from blockchain financial systems.
It’s time to start thinking about Plan B.